NOTICE OF SUMMARY ACTION

FILE NO.:

CME RSRH-23-6886

MEMBER FIRM:

Goldman Sachs & Co.  

CME RULE VIOLATION:

526.F. BLOCK TRADES

Unless otherwise agreed to by the principal counterparties to the block trade, the seller, or, in the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within the time period and in the manner specified by the Exchange. The report must include the contract, contract month, price, quantity of the transaction, the respective clearing members, the time of execution, and, for options, strike price, put or call and expiration month. The Exchange shall promptly publish such information separately from the reports of transactions in the regular market.

MRAN RA-2204-5 (in part)

The failure to submit timely, accurate and complete block trade reports may subject the party responsible for the reporting obligation to disciplinary action.

FINDINGS:

On 14 occasions between March 2022 and March 2023, Goldman Sachs & Co. submitted proprietary block trades under an account designated for customer orders, thus submitting inaccurate block trade reports to the Exchange These block trades were executed in March 2022 and June 2022 E-mini Utilities Select Sector Futures, September 2022 E-mini Materials Select Sector Futures, September 2022 E-mini Industrial Select Sector Futures, March 2022, March 2023, and June 2023 Three-Month SOFR Futures, September 2023 Options on Three-Month SOFR Futures, January 2023 and February 2023 S&P – GSCI Commodity Index Futures, June 2023 EUR/USD Monthly Options, October 2022, July 2022, and June 2023 CAD/USD Monthly Options, and November 2022 Brazilian Real Futures.

PENALTY:

On June 28, 2023, pursuant to Rule 512, a fine in the amount of $1,000 was assessed against Goldman Sachs & Co. for its violations of CME Rule 526 and CME Rule 526.F.

EFFECTIVE DATE:

July 21, 2023